Treating Customers Fairly

When Pension Insurance Corporation (PIC) commits to insuring a pension scheme, we agree to provide levels of financial security over and above those required by the FSA. This commitment crucially extends to ensuring that our policyholders receive the highest levels of administrative support and customer service available.

The quality of service PIC provides to transitioning pension fund members and our policyholders is a key focus for the PIC management team. It is formally reported at every PIC Board and Audit Committee meeting.

We have developed a highly effective communication strategy for members spanning the entire transition period from contract signing, through the wind-up process and into annuity administration.

For example:

• We receive monthly service reports from our administrator, Xafinity Paymaster, and carry out independent file and call monitoring
• We constantly monitor our systems to ensure the right pensions are paid to the right people at the right time
• We have in place a transparent and accountable process to evaluate performance and make improvements where required

These help to ensure that we deliver a superior level of customer service to our policyholders.

You can find the FSA's Treating Customers Fairly Guiding Principles on the FSA's website. They are summarised here:

Outcome 1

Consumers can be confident that they are dealing with firms where the fair treatment of customers is central to the corporate culture.

Outcome 2

Products and services marketed and sold in the retail market are designed to meet the needs of identified consumer groups and are targeted accordingly.

Outcome 3

Consumers are provided with clear information and are kept appropriately informed before, during and after the point of sale.

Outcome 4

Where consumers receive advice, the advice is suitable and takes account of their circumstances.

Outcome 5

Consumers are provided with products that perform as firms have led them to expect, and the associated service is of an acceptable standard and as they have been led to expect.

Outcome 6

Consumers do not face unreasonable firm-imposed post-sale barriers to change product, switch provider, submit a claim or make a complaint.